Business
2021 Full Year Results
2021 Full Year Results.
About this update from Energean Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8836F\n Energean PLC\n 24 March 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Energean plc\n \n \n (\"Energean\" or the \"Company\")\n \n \n \n \n \n 2021 Full Year Results\n \n \n \n London, 24 March 2022\n \n - Energean plc (LSE: ENOG, TASE: א) is pleased to announce its audited full-year results for the year ended 31 December 2021 (\"\n \n FY 2021\n \n \").\n \n \n \n \n \n Mathios Rigas, Chief Executive of Energean, commented:\n \n \n \"2021 was an outstanding year for Energean, one in which we delivered excellent operational and record financial results. Production came in above initial expectations and we also benefitted from an elevated market price environment. As a result, we generated full year revenues of $497 million and Adjusted EBITDAX of $212 million.\n \n \n \"Our flagship project, Karish, is on track for first gas in Q3 2022. Earlier this month, we commenced the largest 2022 drilling programme in the East Med and spudded the Athena exploration well which is targeting 21 Bcm (totaling 140 mmboe). Positive results from this high-impact programme would be an important catalyst for the growth of our operations in Israel and the region where security of supply is being increasingly prioritised.\n \n \n \" Elsewhere, first gas from NEA/NI in Egypt is anticipated in H2 2022 and the remainder of our development projects in Israel, Italy and Greece remain on track. We are well positioned to reach our medium-term targets of over 200 kboed production, $2 billion annual revenue and $1.4 billion Adjusted EBITDAX.\n \n \n \"As such we are pleased to announce our inaugural dividend policy. It is our goal to make reliable, recurring and sector-leading returns to shareholders, targeting a first dividend to be paid no later than during Q4 2022, following first gas from Karish (Q3 2022). This is made possible by our ongoing operational and financial success and represents an important new phase in Energean's corporate development.\n \n \n \"Energean is focused on reducing its carbon emissions and we are working towards our 2050 net zero target. In 2021, we delivered a 8% year-on-year reduction in carbon emissions intensity to 18.3 kgCO2/boe\n [1]\n . Actions taken to achieve this reduction included implementing a zero routine flaring policy acr...